Experiential gifts

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[edit] Overview

Experiential gifts also known as Gift Experiences as pioneered in the UK since the 1990's, now represents one of the faster growing segments within the $253 billion a year gift industry. As opposed to material gifts, those that are experiential in nature involve the recipient taking part in an experience, such as skydiving, kayaking, race car driving or tour of a vineyard. Consumers who utilize experiential gifts have been referred to by Trendwatching.com as transumers. The independent consumer trends firm defines transumers as:

"...consumers driven by experiences instead of the ‘fixed’, by entertainment, by discovery, by fighting boredom, who increasingly live a transient lifestyle, freeing themselves from the hassles of permanent ownership and possessions. The fixed is replaced by an obsession with the here and now, an ever-shorter satisfaction span, and a lust to collect as many experiences and stories as possible."

[edit] Experiential Gift Categories

Experiential gifts tend to fall into the following groups --

[edit] Market Surveys

While the experiential gift market is already an established, highly competitive multi-million dollar market in the United Kingdom, it is still an emerging category in the U.S. A survey conducted in November, 2005 by American Express found that experiential gift giving was on the rise (30% of those surveyed planned on giving experiential gifts that year versus 23% the prior year). The survey also found that experiential gifts were particularly popular among younger consumers, age 18-44.

A survey[1] published in 2007 by Mintel estimated the UK gift experience market to be worth £98 million. Activity experiences is identified as a growth area.

Experiential gifts also capitalize on consumers growing comfort level with purchasing gifts online. According to a November, 2006 survey conducted by TNS on behalf of The Conference Board, 35 percent of all consumers planned to buy holiday gifts on the Internet in 2006.

[edit] Resources

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